import win32com.client as win32
xl = win32.gencache.EnsureDispatch('Excel.Application')
wb = xl.Workbooks.Open(r'F:\playGround\dimensions.xlsx')
ws = wb.Worksheets("Sheet")
dest_cell = ws.Range("A1")  # change to your wanted location
obj = ws.OLEObjects()
obj.Add(ClassType=None, Filename=r"F:\playGround\insert_txt\insert_obj.txt", Link=False, DisplayAsIcon=True, Left=dest_cell.Left, Top=dest_cell.Top, Width=50, Height=50)
ws.Columns.AutoFit()
wb.Save()
xl.Application.Quit()